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Dishonor of buyback agreement by builder what can i do.
03-Dec-2023 (In Property Law)
Hi, I had booked a flat in Sunworld Arista in Oct'14 under 2 yr subvention from Hdfc with a supplementary agreement with the builder for an option to buyback for a fixed premium payable by the builder. Now after the expiry of the 2 yr period the builder is refusing to pay the premium and cancel the booking and says that it may take atleast one year for them to clear the dues. The agreement has a provision for penal intt @ 18% for the delay. Can I take the matter to court and which one?
Yes you must not take this matter lightly and respond immediately otherwise the court might ask you why you are approaching it so late. You have many options. You may compel the builder for specific performance of the contract. You may also file a civil suit for recovery of dues. You may also file a criminal case against him for criminal breach of trust, criminal misappropriation of property, forgery,etc. You may also file a petition for winding up of the company under sections 433(e), 434, 439 of the company's act. You can also approach the consumer forum against the builder. So you have many options at your disposal.
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Hello,
yes in the present case you can take the matter to the Court and preferably Consumer Court, but before filing any such case you are suggested to serve upon them a legal notice with regards to the payment.
Regards
yes in the present case you can take the matter to the Court and preferably Consumer Court, but before filing any such case you are suggested to serve upon them a legal notice with regards to the payment.
Regards
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Adv. Anilesh Tewari
Lucknow | 200+ Answers
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Though you can take this matter to the Court, however i presume there must be an Arbitration Clause in the Agreement, therefore it would better if you get the matter settled through Arbitration as that would be faster and more efficient.
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Adv. Rohit Kumar Singh
Delhi | 100+ Answers
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